Net operating loss carryover worksheet

You can reduce the NOL carryover to reflect amounts no longer available. UltraTax CS/1120 nets prior amounts with the income loss amounts for each preceding tax year to determine if you can carry over net operating losses.
  1. Enter the amount of the loss reflected in the
    Income (Loss)
    field from prior years. This should be a positive number.
  2. If there was income in the preceding years that can carry back a current-year NOL, enter the amount that was offset in the
    Income (Loss)
    field. This should be a negative number.
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